El-Beblawi is joined on the visit by interim Deputy Prime Minister Ziad Bahaa El-Din, the governor of the Central Bank and the interim ministers of investment, trade and industry, housing and petroleum, according to a Cabinet statement.
The delegation is expected to meet with UAE officials including President Sheikh Khalifa bin Z
The purpose of the visit, according to the Cabinet’s statement is to “discuss aspects of bilateral cooperation between the two countries in light of the aid package, which the UAE intends to give Egypt as well as implementing investment projects.”
UAE delivered $3bn of aid in July in the form of a $1bn grant and a $2bn interest-free loan. Zayed also pledged a further $2bn in September in the form of deposits and grants. In addition, $225m worth of fuel was delivered to Egypt in July through several shipments.
The Cabinet statement identifies the UAE as “the most important country that supported Egypt in the wake of the 30 June revolution on all levels.” The statement also pointed out that the volume of trade between Egypt and the Gulf state amounts to $1.5bn and that UAE is the third biggest investor in Egypt, having contributed approximately $5bn until mid-2012.
There are currently around 550 UAE companies operating in Egypt, which is up from the 114 that were operating ten years ago, according to the statement.